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Our Minnesota jumbo loan calculator is designed to assist you in navigating the complexities of home financing with a large loan. It estimates your monthly payments, total interest paid, and total cost of the loan. Simply input the home price, down payment amount, loan term, interest rate, and property tax rate to instantly receive your estimates. This will help you determine how much house you can afford and the actual costs of purchasing a higher priced home in Minnesota.
Keep reading to learn more on jumbo loans in Minnesota, how jumbo loans differ from conforming loans, and how to use our Minnesota jumbo loan calculator.
Key Points
• Jumbo loans exceed the conforming loan limits set by the FHFA. In Minnesota, the conforming loan limit for a single-family home is $806,500.
• Jumbo loans have stricter qualification requirements, including higher credit scores and significant cash reserves.
• Jumbo loans often require a minimum down payment of 10%. Higher down payments can improve loan terms and reduce monthly payments.
• A Minnesota jumbo loan calculator provides insights into total costs and monthly payments.
• The calculator factors in the purchase price, down payment amount, loan term, interest rate, and property tax rate.
Minnesota Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage for amounts exceeding the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In all Minnesota counties in 2025, the limit is $806,500, but it can be higher in expensive areas.
• Home price: The home price is the agreed-upon purchase price with the seller. It directly affects the total loan amount and monthly payments.
• Down payment: The down payment is the initial amount paid, typically a percentage of the home price. Jumbo mortgage loans often require a minimum 10% down payment, but a higher down payment can improve loan terms and reduce monthly payments.
• Loan term: The loan term is the duration to repay the mortgage, usually 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term saves on total interest.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. It can be fixed or variable and is influenced by borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Annual property tax is levied by local governments on land and buildings. It is a percentage of the property’s assessed value.
How to Use the Minnesota Jumbo Loan Calculator
The Minnesota jumbo loan calculator helps estimate the financial implications of a jumbo loan. Here’s how to use it:
Step 1: Enter Your Home Price
Type in the agreed-upon home price or use the slider to specify the exact amount listed on your purchase contract. Accurately inputting this value helps determine your home loan amount.
Step 2: Add a Down Payment Amount
Specify the amount you’ve saved for the down payment, typically 10% or more of the purchase price for a jumbo loan. A higher down payment can improve loan terms and reduce monthly payments. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select a loan term based on your financial goals and how long you plan to stay in the home. Common terms are 15 and 30 years, but the calculator allows you to select a term as low as 10 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. A lower rate can significantly reduce monthly payments and total interest paid.
Step 5: Enter Your Annual Property Tax
Enter your annual property tax rate as a percentage. For example, in Minnesota, the average property tax rate is 1.05%. Accurate input ensures an estimate of your total monthly housing costs.
What Are Jumbo Loans and Conforming Loan Limits?
A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In Minnesota, the conforming loan limit for a single-family home is $806,500.
When comparing jumbo loans vs. conventional loans, jumbo loans typically have stricter qualifications, such as a 700+ credit score and up to 12 months of cash reserves. Lenders usually require a 10%-20% down payment.
Knowing local jumbo loan limits helps determine if you need one and how to prepare. Jumbo loans offer higher loan limits and can be a viable option for financing expensive properties, especially in high-cost areas. They can come with competitive interest rates and flexible underwriting options, making them suitable for individuals with strong financial profiles.
Using a jumbo loan mortgage calculator offers several key benefits for prospective homebuyers. First, it helps with budgeting by providing a clear estimate of your anticipated monthly mortgage payment, including principal, interest, and property taxes.
The calculator also allows you to see how small changes in the interest rate and loan term can significantly affect your future payments. And finally, it shows you how down payments affect your loan, with higher down payments lowering both the loan amount and the monthly payment.
By inputting different scenarios, you can see which loan terms and down payment options work best for your budget.
How to Use the Jumbo Loan Calculator to Compare Scenarios
The Minnesota jumbo loan calculator allows you to compare different loan scenarios and meet your long-term financial goals. Here’s what you can do with it:
• Adjust the home price to assess affordability.
• Change the down payment to reveal insights into how a larger down payment can reduce your monthly payment and interest costs.
• Compare 15-year and 30-year loan terms to see their impact on monthly payments and total interest paid.
• Input different interest rates to see how lower rates affect payments.
• Consider the effect of property tax rates.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Deciding How Much House You Can Afford in Minnesota
In Minnesota, affording a home involves more than just median prices. Lenders suggest that mortgage payments shouldn’t exceed 28% of your gross monthly income. For a $1 million home with a 10% down payment and a 30-year mortgage at 6.75%, the monthly payment would be around $5,837 (excluding property taxes and insurance). The 28% rule implies that a $250,000 annual income is needed to comfortably afford this payment.
Lenders also advise staying within a 36% debt-to-income ratio, including your mortgage. In the example above, if your debts exceed about $1,600 a month — think about student loans, credit cards, and car payments — the income needed for a $900,000 mortgage would be higher.
Going through the mortgage preapproval process can help you gauge affordability — though only you can say what a comfortable budget is, based on your assets, lifestyle, and financial goals.
The main components of a jumbo loan payment are the principal and interest. The Minnesota jumbo loan calculator also factors in property tax, which is a significant portion of your monthly payment.
Other components may include property tax — which is included in our calculator — as well as homeowners insurance and homeowners association (HOA) fees. Knowing how these expenses factor in gives you a clearer view of your overall financial commitment and helps you prepare for the true costs of homeownership.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Cost of Living in Minnesota
The cost of living in Minnesota will significantly impact how much you can afford to spend on a home. Higher cost of living areas typically have higher average home prices, but they also come with increased expenses for utilities, home maintenance, transportation, and groceries.
Fortunately, according to MERIC, the cost of living index in Minnesota is 94.6, or 5.4% below the national average. Housing costs are 19.1% lower than the national average, and utilities are almost 4% lower. This is great news for homebuyers who may already be stretching themselves to meet a jumbo mortgage payment each month.
Tips on Reducing Your Jumbo Loan Payment
Reducing your jumbo loan payment can make homeownership more manageable. Here are some strategies to consider:
&\#8226; Consider an adjustable-rate mortgage (ARM) for possibly a lower initial interest rate, making your initial monthly payments more affordable.
&\#8226; Consider mortgage recasting, which involves making a lump sum payment to reduce your principal, resulting in lower monthly payments.
&\#8226; Modify your loan during financial hardship to change terms like the interest rate or repayment schedule.
&\#8226; Extend the term of your loan through a mortgage refinance to reduce monthly payments, though this will increase the total interest paid over the life of the loan.
&\#8226; Shop for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making home upgrades to enhance security or storm resistance.
The Takeaway
When considering a high-value property in Minnesota, a jumbo loan calculator is vital for prospective buyers. It helps estimate monthly mortgage payments, total interest accrued, and the total cost of the loan, empowering you to make well-informed decisions throughout your home-buying journey.
When you’re ready to take the next step, consider what SoFi Home Loans have to offer. Jumbo loans are offered with competitive interest rates, no private mortgage insurance, and down payments as low as 10%.
SoFi Mortgages: We make mortgage loan applications smart and simple.
In Minnesota, a jumbo loan is any mortgage exceeding the conforming loan limits set by the FHFA. For 2025, the limit is $806,500.
How much is a $900,000 mortgage payment for 30 years?
To estimate a $900,000 mortgage payment over 30 years, use a jumbo loan calculator. Assuming a 7.00% interest rate, the monthly payment would be around $6,000, including principal and interest, but not property taxes or insurance.
Is $900,000 a jumbo loan?
A $900,000 mortgage is generally considered a jumbo loan, as it exceeds the conforming loan limits set by the FHFA. For 2025, the limit is $806,500 in most areas.
How much are closing costs on a jumbo loan?
Closing costs on a jumbo loan can range from 2% to 5% of the loan amount, translating to thousands of dollars. For a $1 million jumbo loan, closing costs could be between $20,000 and $50,000. That covers the cost of appraisals, title searches, loan origination fees, attorney fees, and more. Your lender will provide you with an itemized list before your closing.
What credit score is needed for a jumbo loan?
Qualifying for a jumbo loan typically requires a credit score of at least 740, though some lenders may accept scores as low as 700. A strong credit score demonstrates financial reliability and can lead to more favorable loan terms. Before applying, check your credit report for errors and address them promptly.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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